Boeing Co.’s chief executive said it is continuing discussions about a potential tie-up with Bombardier Inc.’s rival Embraer S.A., a deal some analysts say is more likely after a top U.S. trade body unexpectedly voted against the American aerospace giant last week.

Boeing CEO Dennis Muilenburg told analysts and reporters on a conference call Wednesday that the two aerospace companies continue to have “productive discussions” about a potential deal, calling the opportunity to join forces with Brazil’s Embraer “an important one” that would be “a great strategic fit.”

“We’re interested in a business combination because we see strong strategic value and clear synergy in a number of areas, including highly complimentary product lines, advanced vertical capabilities, broadening service offerings and leveraging world-class talent,” he said.

Boeing and Embraer confirmed that the two companies were engaged in talks about “a potential combination” in December, just two months after it was announced that Airbus SE — Boeing’s chief rival — would be acquiring a majority stake in Bombardier’s CSeries program.

The CSeries was the subject of a surprise ruling by the U.S. International Trade Commission on Friday that eliminated massive 292.21 per cent duties levied against Bombardier by the Department of Commerce. The ITC determined that Boeing, which had filed a complaint, was not materially injured or threatened by the sale of 75 CSeries jets to Delta Air Lines Ltd.

Chris Higgins, an equity analyst with Morning Star, said in a note to clients that the ITC decision made a potential Boeing-Embraer tie-up, either in the form of an acquisition or a partnership, “more probable.”

“Given Boeing’s difficult selling the 737 MAX7, coupled with Airbus’ plans to take a majority stake in the Bombardier CSeries, we’re not surprised to see Boeing courting Embraer,” he said, adding that Embraer — which makes jets that compete with the CSeries — would fill a void for Boeing in the low-end of its product lineup.

“Embraer’s management might also be (contemplating) a partnership with Boeing now, because beating Bombardier with its E2 offering wasn’t difficult when the CSeries future was in doubt, but this has changed.”

According to a Reuters report citing two sources familiar with the ongoing Boeing-Embraer talks, Bombardier’s win at the ITC — which will reopen the U.S. market for its marquee CSeries — has “strengthened the impetus toward a deal.”

J.P. Morgan analyst Seth Siefman said in a note to clients released shortly after the ITC decision that Boeing’s efforts to acquire Embraer suggest the aerospace company “takes the 100-150 seat market seriously.”

“Moreover, Embraer’s positive stock price reaction following the announcement on Friday afternoon suggests the market thinks it is now more likely that the two companies will consummate a transaction,” he said.

Seifman had previously noted that a transaction between Boeing and Embraer would “make sense” as it would add regional jets to Boeing’s portfolio and improve its ability to compete with the new Airbus-Bombardier partnership.

When asked about whether Boeing would consider launching another petition in the event that Bombardier secured another CSeries order in the United States, Muilenburg told reporters that the company is waiting to see the full details of the ruling issued against it last week.

“We need to see those details before we can make any decisions on plans moving forward,” he said. “Until we see the details of that ruling, we simply don’t know the rationale behind it.”

Higgins said he expects Boeing’s product portfolio — which is focused on aircrafts with larger seat configurations than the CSeries offers — was the rationale behind the ITC ruling.

Still, while discussions with Embraer continue, Muilenburg said Boeing’s success is not dependent on a deal with the company.

“Even if it doesn’t happen, we have a very strong plan for the future,” he said.

“The competitive market is tougher than ever. It’s not getting any easier… Our focus is to make Boeing even tougher, from a competitive standpoint.”